What Attorneys Wish Their Clients Understood About Fiduciary Duty

The Disconnect Between Perception and Obligation

Most plan sponsors believe fiduciary duty means:

• Acting responsibly
• Monitoring vendors
• Avoiding obvious mistakes
• But attorneys know fiduciary duty means:
• Demonstrating neutrality
• Benchmarking regularly
• Documenting every decision
• Choosing vendors through impartial evaluation
• Sponsors underestimate the legal expectations, and attorneys feel that tension daily.

The Five Things Attorneys Wish Clients Would Take Seriously

1. Your Internal Process Is Not Automatically Compliant

Effort doesn’t equal defensibility.

2. Risk Doesn’t Announce Itself

Silence is often a warning, not reassurance.

3. Vendor Loyalty Can Be a Liability

Long-term relationships lack neutrality.

4. Fees Must Be Benchmarked Regularly

"Reasonable" requires proof.

5. Documentation Is Everything

If it’s not written down, it didn’t happen.

Why It’s Hard for Attorneys to Convince Clients to Act

Common barriers:

Attorneys often know exactly where the exposure is, but struggle to get clients to take action until something goes wrong.

• Budget concerns
• Operational overwhelm
• Fear of disrupting vendor relationships
• Misconceptions about fiduciary expectations

How Independent Evaluation Gives Attorneys the Evidence They Need

Culpepper RFP provides:

• Independent evaluations
• Vendor capability comparisons
• Neutral documentation
• We help attorneys make the case with facts, not fear.

Building a Strong Attorney, Client Partnership Through Proactive Evaluation

When sponsors act early:

• Litigation risk decreases
• Vendor negotiations improve
• Boards gain clarity
• Attorneys gain confidence in their client’s posture
• Everyone wins.

Make the Invisible Visible

A clear fiduciary process protects everyone involved.

Attorneys: Need resources to guide hesitant clients? We can help.